RAPID Monthly Webinar: Exploring Monetary Policy Frontiers
Assessment of Skills Demand and Skills Gaps in the Business Process Outsourcing (BPO) Industry of Bangladesh
The Economic Impact of LDC Graduation on Bangladesh's Pharmaceutical Industry and its Implications for Drug Prices in the Local Market
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About the project
Partner: Foreign, Commonwealth and Development Office (FCDO)Project duration: January 2024 – June 2024
Bangladesh's impending graduation from the group of least developed countries (LDCs) in 2026 holds significant implications for its pharmaceutical industry. The sector has thrived due to policies restricting multinational operations and pharmaceutical imports, coupled with the suspension of patent applications in 2008. Local production capacity has increased, fulfilling over 90% of domestic medicine demand and generating $180 million in export receipts. However, LDC graduation may lead to discontinued production or higher prices of patented medicines, reduced exports, diminished investment, and potential rises in drug prices, impacting low- and middle-income households. RAPID is conducting research with the support from FCDO to assess these economic impacts and propose recommendations to mitigate negative effects on the industry and ensure access to affordable medicines.
The study aims to assess the impacts of LDC graduation on the pharmaceutical industry, local drug prices, and access to affordable medicines, with the goal of developing recommendations to mitigate these impacts. The interconnectedness of drug prices, affordability, and industry profitability will be analysed comprehensively. The study will employ specific methodological approaches to address each research question within an overarching analytical framework, recognising that these issues are interlinked and require holistic examination for effective policy recommendations.
Project activities
Dissemination Event: LDC Graduation and Bangladesh's Pharmaceutical Industry: Implications for Medicine Prices, Accessibility, and Affordability
On 23 November 2023, Research and Policy Integration for Development (RAPID), with the support of the Foreign, Commonwealth & Development Office (FCDO), Government of the UK, organised a dissemination event. Mr Lutfey Yasser Siddiqi, Special Envoy on International Affairs to the Honourable Chief Adviser, graced the occasion as the Chief Guest. RAPID Chairman, Dr M A Razzaque, delivered a keynote presentation on the study findings, offering valuable insights into Bangladesh's pharmaceutical industry, as well as medicine accessibility and affordability in the context of LDC graduation. The event was moderated by Dr M Abu Eusuf, Executive Director of RAPID.